Key Highlights
- Dash price recovered a lot and traded above the $166 resistance versus the US Dollar.
- There was a bearish trend line formed with resistance at $160 on the hourly chart of DASH/USD (data feed from Poloniex), which was broken recently.
- The price is currently correcting lower, but most likely to find support near the $160-165 levels.
Dash price (DigitalCash) is back in the bullish zone against the US Dollar and Bitcoin, and any dips in DASH/USD remains a good buy in the short term.
Dash Price Support
There were good moves in Dash price since it moved above the $160 resistance against the US Dollar. A good upside wave was initiated from the $138 swing low and the price surged higher. During the upside move, the price broke many resistances, including $150 and $160. It also broke the 50% Fib retracement level of the last decline from the $192 high to $138 low. It opened the doors for more gains above $165.
Moreover, the price closed above a major hurdle near $165. There was also a break above a bearish trend line with resistance at $160 on the hourly chart of DASH/USD. The price even spiked above the 61.8% Fib retracement level of the last decline from the $192 high to $138 low to trade as high as $183. At the moment, the price is correcting lower from the $183 high and trading towards $170-165. An initial support is near the 23.6% Fib retracement level of the last leg from the $138 low to $183 high.
However, the most important support is near $168, which also coincides with the 100 hourly simple moving average. Buying dips remain a good deal in the short term towards $165.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD is currently flat.
Hourly RSI – The RSI for DASH/USD is above the 50 level and heading lower.
Intraday Support Level – $165
Intraday Resistance Level – $183
Charts from Poloniex; hosted by Trading View
